Research Institute
Written by: Lin Oli
2021-03-01 12:30
Last update date: 2021-03-01 12:30
Financial Secretary Chen Maobo announced a new "Budget" on Wednesday (24th). He pointed out that the number of private cars continued to rise and traffic congestion was getting worse. He announced that it would increase the first registration tax for private cars by 15% and increase the number of private cars. The license fee for electric passenger cars is nearly 30%, and the license fees for other vehicle types remain unchanged.
How many cars are there in Hong Kong now?
According to the Transport Department, as of November last year, there were over 900,000 registered vehicles in Hong Kong, an increase of nearly 14% over 2015. Among them, private vehicles increased from over 567,000 to 648,000.
At present, the largest number of vehicles in Hong Kong are private cars, accounting for 71.3%; the second is trucks, with more than 119,000 vehicles, accounting for 13%.
The government announced an increase in the first registration tax for private cars. However, since 2015, the number of private cars registered for the first time in Hong Kong has continued to decrease, from 50,000 to 17,000 to 33,000.
The Budget proposes to stop new registration of petrol-fueled private cars by 2035 in order to promote the popularization of electric vehicles. There are currently 575,000 licensed private cars in Hong Kong, most of which are petrol-fueled vehicles. Only 2.9% are electric vehicles.
Increasing the license fee for private cars and electric buses by 30%, how much more will the owner pay for license or renewal?
Taking a gasoline private car with an engine cylinder capacity of less than 1500cc as an example, the owner must pay an extra RMB 1,145.
The larger the engine cylinder capacity, the greater the increase in license fees. Owners of private cars with gasoline above 4500cc must pay an additional 3365 yuan.
The four-month license fee for fuel-fueled private cars has now increased to RMB 1,804 to 5,836 yuan. Similarly, the larger the engine cylinder capacity of a gasoline-fueled vehicle, the more the license fee will increase.
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01 Research Institute Budget 2021 Budget Chen Maobo Electric Vehicle
